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Credit card fraud increased significantly in Germany in 2021, according to a study by FICO.
Experts analyzed 7.5 million active payment cards issued in Germany and concluded that between September 2020 and September 2021, the number of fraud cases increased by 17%.
At the same time, the volume of purchases using payment cards for this period of time increased by only 5%. The number of card fraud attempts increased by 30%. And the total volume of authorized transactions increased by 8%.
The study showed that most often fraud occurs with transactions without the presence of a card (card not present transaction - CNP). These include online payments and cross-border payments.
CNP fraud is about 70% of all card fraud. At the same time, cross-border fraud accounts for 80%. It should be noted that most payment cards in Germany have a chip, and fraud on these cards accounts for only 10% of the total fraud.
According to the study, having obtained payment card data, fraudsters most often used the services of tour operators (16.1%), airlines (4.5%), and also paid for hotel rooms (3.1%).
As previously reported, about 32% of all payments using both contact and contactless cards comply with the EMV security standard developed by international payment systems.
Experts analyzed 7.5 million active payment cards issued in Germany and concluded that between September 2020 and September 2021, the number of fraud cases increased by 17%.
At the same time, the volume of purchases using payment cards for this period of time increased by only 5%. The number of card fraud attempts increased by 30%. And the total volume of authorized transactions increased by 8%.
The study showed that most often fraud occurs with transactions without the presence of a card (card not present transaction - CNP). These include online payments and cross-border payments.
CNP fraud is about 70% of all card fraud. At the same time, cross-border fraud accounts for 80%. It should be noted that most payment cards in Germany have a chip, and fraud on these cards accounts for only 10% of the total fraud.
According to the study, having obtained payment card data, fraudsters most often used the services of tour operators (16.1%), airlines (4.5%), and also paid for hotel rooms (3.1%).
As previously reported, about 32% of all payments using both contact and contactless cards comply with the EMV security standard developed by international payment systems.
